Investor Presentaiton

Over 50% of Irish debt stock held by "sticky" sources Billions € 250 200 150 100 50 2006 2008 2010 2012 2014 2016 IGBS* Retail Eurosystem Holdings Other Debt** Total Debt Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Source: CSO, ECB, NTMA Analysis *excludes those held by Eurosystem. Euro system holdings include SMP, PSPP and CBI holdings of FRNs. Figures do not include ANFA holdings which are likely to further increase the Eurosystem's holdings. ** Includes IMF, EFSF, EFSM, Bilateral as well as IBRC-related liabilities. Retail includes State Savings and other currency and deposits. The CSO series has been altered to exclude the impact of IBRC on the data. 37

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